Immediate Expensing Rules: Good Tax Policy?
Over the course of the last two federal budgets (April 16, 2024 and November 4, 2025), the rules for claiming Capital Cost Allowance (CCA) have been uncertain. The proposal to extend immediate expensing rules for certain acquired assets were paused for over a year and then re-introduced in a series of four complex measures which together with new rules for Scientific Research and Experimental Development have become known as the “Productivity Super-Deduction”. A backdrop appears below. The key question: will this complexity be effective as an economic stimulator?Tax Tip: Can Employees Claim the Cost of an Assistant?
The short answer is yes, employees can write off the cost of hiring an assistant if required to perform their employment duties, as verified by their contract of employment and a signed form T2200 Declaration of Employment Conditions by the employer. Here are the details you need to know:
Tax Evasion: Calgary Land Flipper
Budget 2022 proposes to provide an additional $1,200 million over five years, starting in 2022-2023 to increase both the investigation and prosecution of entities committing tax evasion. The additional funding will increase CRA’s efficiency and ability to combat tax evasion, which is something it already takes very seriously according to recent examples.
Early-Bird Tuition Deadline Today for the May 18, 2022 Virtual CE Summit
Act now! Today is the deadline for early-bird tuition savings. You don’t want to miss this opportunity to join Canada's most prominent tax educators, best-selling authors and technical experts for a comprehensive budget, retirement & estate planning update on May 18, 2022.
Waiving Penalties Stemming from Payroll Audits
On occasion, a business will be selected for a review of their books and records by the CRA. This is called a payroll examination, and the goal is to ensure compliance with respect to deductions and remittances, for your payroll account.
Breaking News: Bank of Canada Increases Benchmark Interest Rate to 1%
In an anticipated move intended to help rein in inflation, the Bank of Canada announced an increase of the benchmark interest rate by half a percentage point to 1% this morning. It’s the biggest increase from the central bank in more than two decades.
The Fine Print Matters: New Tax Deductions for Employees
The April 7, 2022 Federal Budget introduced a new tax deduction for employees which will be in effect starting on January 1, 2022, assuming Royal Assent will be received. With the exception of some simplified filing opportunities, most employee deductions will require receipts and a signed tax form from the employer. It is expected this will be no different for the new Labour Mobility Deduction. Here are the details to know:
